North Carolina Down Payment Support Systems
Online Payments - These systems are the Mortgage Credit Certificate and the Down Payment Assistance Program.
If you qualify for one of those programs and you purchase a home between December 1, 2009 and January 1, 2009, you can ALSO qualify for the $8,000 tax credit merely enacted into law.
First, who is a first-time Home Buyer? A first-time Home Buyer is someone who hasn't owned a home in the prior three years. It is precisely the same qualifying definition.
What is a Mortgage Credit Certificate and Who Qualifies?
A Mortgage Credit Certificate (MCC) is a national tax credit to help home buyers with moderate and low incomes. All home owners can claim an itemized deduction.
It is possible to claim 20% of the interest you pay on your own mortgage as a credit on your own federal income taxes in case you are eligible for the MCC. You are able to save around $2,000 on your taxes.
If you do qualify for 2009, for the MCC, you will manage to combine this with the $8,000 tax credit. This would reduce the tax liability of a buyer's .
Who Qualifies for an MCC?
Who qualifies for an MCC is based in your income and also the cost of the house you're purchasing. Household income is defined as the “gross income of the mortgagor and any other individual expected to live in the dwelling who's 18 years of age or older.”
House price limitations that apply in Durham Orange and Chatham Counties and the income are listed below.
MCC Income Limits 1 Person $61,500 2 Persons $61,500 3 Men $70,500 4 Persons $70,500
MCC Sales Cost Limitations New Dwelling $220,000 Existing Home $210,000
Who Qualifies for Down Payment Assistance?
Home buyers that need help with their deposit and closing prices may be able to get down payment assistance - or, in other words, interest-free, deferred second mortgages up to $8,000. The buyer only has to pay and the load would pay as much as .
This program has more stringent income limitations than the MCC program outlined above. Like the MCC program, it may be used in combination with all the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The deposit assistance, however, cannot be used in combination with the MCC. This really is an either or scenario.
House price limits Durham and Chatham Counties and the income are given below.
Down Payment Assistance Income Limitations
1 Man $39,950 2 Individuals $45,650 3 Persons $51,350 4 Men $57,050
Down Payment Assistance Sales Price Limits New Dwelling $210,000 Existing Residence $210,000